Tata Communications sells Rs424-crore worth stake in Tata Tele to NTT Docomo

25 March 2009

Telecom service provider Tata Communications has sold part of its stake in group company Tata Teleservices to Japanese telecom major NTT Docomo for about Rs424 crore ($83 million).

NTT Docomo is buying a 26 per cent stake in TTSL.

Tata Communications has a 15 per cent stake in Tata Teleservices, in which Japanese telecom major NTT Docomo is buying a 26 per cent stake. Although Tata Communications did not reveal the size of the stake it sold in TTSL, market data shows the company has sold 0.6 per cent of Tata Tele equity to the Japanese company.

''The company has received an amount of about Rs424 crore pursuant to sale of its partial holdings in Tata Teleservices Ltd,'' Tata Communications said in a regulatory filing with the Bombay Stock Exchange (BSE).

Tata Communications is engaged in the business of providing global communication solutions and operates in the wholesale voice, enterprise and carrier data segments.

Meanwhile, Tata Group chairman Ratan Tata has exited the board of Tata Teleservices Maharashtra (TTML).